The Pension Benefit Guaranty Corporation has approved the special financial assistance application for the Puerto Rico-based Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund, the agency announced Tuesday.
The GWU Local 610 Plan, which covers 2,624 participants in the hospitality industry, became insolvent in June 2021, according to the PBGC.
The plan will receive $28.3 million, including interest to the expected plan payment date. The PBGC’s Multiemployer Insurance Program will also be repaid $2.8 million, the agency said.
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